marketsmart

Epassporte was a bank in Curacao...

That bank was creating loans, like all banks do, but these loans were being given to Chris to make movies. maybe their were loans made on other things that i am unaware of as well, but i think this will come out sooner or later...

It seemed like a safe play because these movies were expected to make money, like Middle Men.

St Kitts Bank allowed a certain % to be short of what epass users had on their epass virtual cards or maybe they just required that the amount available via virtual cards was available in the epass account at St Kitts...

Either Visa tightened their regulations on what % (maybe it was 100% all the time) was allowed or St Kitts wanted the amount available via virtual cards to be in the epass account at St Kitts.

They requested that epass transfer additional funds into St Kitts which epass did not comply with either out of lack to be able to do so or unwillingness to do so (I dont think this was an issue of requiring documents on all cardholders, although it could be and epass was unable to meet these demands in a timely manner because they have limited staff and many account holders)..

Middle Men was a total flop and the money was not available to pay the loan back..

When St Kitts asked Visa to shut off the virtual cards, that created panic with companies that funded the epass bank in Curacao and companies stopped sending in wires..

This stopped the float to the epass bank in Curacao and once again epass was unable to send money to meet the % demands of St Kitts Bank..

I think the scenario is a lot more complex, but I think this scenario makes the most sense..

Why else would St Kitts Bank put a freeze on the funds in the virtual accounts and why would epass issue a statement telling virtual accounts to contact the bank directly...

It's no secret how much money is in a persons virtual account. It's not like you can go to an ATM and withdraw $1000 if you only have $500 available..

The bank knows exactly how much money a person has in their account at any given time and with the ATM withdrawal feature frozen, there should be now issue figuring out what is in each account holders account. just like when a person closes an account at a regular bank, the bank gives you your entire account balance at the time of account closure...

IMHO the money was frozen the minute St Kitts Bank cut off the ability to use the Visa card..

This was something that epass knew and chose not to divulge because they were trying to get the matter resolved..

Now that epass has realized that there is nothing they can to resolve the issue, they are blaming St Kitts Bank..

I dont think the money in peoples virtual accounts is lost, but I think it will be very challenging for account holders to get the money back..

I truly believe that this whole mess is a result of one persons ego and bad business decisions that used money that didnt belong to them..

Although this is entirely based on my opinion and not on any verifiable facts, i am left with this conclusion as the only one that makes any sense..

I started to migrate away from epass the minute i found out that they were involved in online gaming..

I based this decision on the fact that anyone that would put my money at risk had no business being in control of my money..

I feel for the people that counted on epass being a safe way to keep their money..

I wish you all the best of luck in getting your money back...

Again, this post is based on my opinion and my opinion only and is not based on any verifiable facts, but I think this post makes the most sense...

In the end, you can formulate your own opinion....

I am sure all the facts will be made public at some point...






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